If you are planning to invest in the cryptocurrency market for the first time, this Binance review can help you choose the ideal platform for crypto trading. Binance is the largest cryptocurrency exchange in the world and hosts 13.5 million users from over a hundred different countries.
The exchange was established in 2017 by Changpeng Zhao and quickly became one of the top cryptocurrency exchanges in the world. Only after two years of introduction, Binance was reviewed as one of the best cryptocurrency exchanges by many crypto experts.
In this Binance review, you will learn about some of the qualities that make Binance ideal cryptocurrency exchange for new investors. Let's take a look:
Binance Review: User Interface
One of the main reasons Binance is considered an ideal exchange for new investors is its user interface. Unlike other cryptocurrency exchanges, Binance offers a platform that is easy to use and ideal for learning.
The features and trading markets are divided into different categories, which makes it easier for new users to access them. The Binance app also has a very clean layout that is easy on the eyes and does not cause any confusion for new users.
Compared to other top cryptocurrency exchanges, Binance offers a comparatively faster user interface that can execute trades almost instantly.
Binance Security Review
Binance exchange is also considered one of the most secure cryptocurrency platforms out there as it protects its customer's fund and is also insured.
Binance did experience a cyber-attack in May 2019, and some user data was compromised, but the exchange handled the incident well and covered the majority of the losses in no time. Since then, Binance has improved its security drastically and is now considered one of the top cryptocurrency exchanges out there.
Binance also uses multi-factor authentication for customer logins which makes the exchange more secure. Customers can choose two different methods to provide authentication for logins, and the profile will not be accessible without the authentication codes. It is one of the reasons why security is highlighted as a top feature in this Binance crypto exchange review.
Binance Trading Review
Trading cryptocurrency on Binance is quite easy, and new investors can get familiar with the methods within a few days.
Binance mainly offers "Spot trading" and 'Futures Trading," and both of them are easily accessible. For spot trading, the users just need to move their balance to the spot wallet, and they can access all the trading pairs available via a simplistic trading interface.
Similarly, the "Futures trading" trading interface is also easily accessible, and one can set leverage and margin without complicating things. However, this Binance review will advise new traders to avoid futures trading as it is highly risky and requires experience.
Binance also offers educational tutorials to its new users so they can get familiar with the trading interface quickly.
Binance Payment Methods
Binance is one of the few cryptocurrency exchanges that offer multiple payment methods to its customers. After verifying your profile and providing identify proof, you can access the following payment methods on the exchange:
- Credit/Debit card deposits and withdrawals
- PayPal transfers
- Bank transfers
- Peer-to-Peer transfers
Experienced traders always opt for cryptocurrency exchanges that offer multiple payment methods. That way, you can withdraw and deposit funds immediately even when one of the methods is not working.
Binance Trading Fee
Binance, along with the ByBit exchange, has the cheapest trading fee in the market, and we must discuss that in this Binance review.
The fees vary from trade to trade and can range between 0.05% to 0.1%. Even when you are paying 0.1% on every trade, you will still be paying a much cheaper fee compared to other cryptocurrency exchanges. For futures trading, the exchange follow a different formula and charge you a management fee of 0.01% for the day.
Binance Alternative for Copy Trading
If you want to reap the benefits of crypto trading without learning how to trade, you can opt for Binance alternative PrimeXBT.
With the help of PrimeXBT Covesting, you can copy the trading moves of expert traders and make profits without having to do any fundamental or technical analysis.
This Binance review highlights some of the major features you can enjoy on this premium exchange. A user-friendly interface, low trading fee, multiple payment methods, and security are some of the highlights that make Binance is among best trading platforms Bitcoin for new crypto investors. It is also an excellent platform for learning trading which is why new traders must consider signing up on Binance.